Status: Leverage On Safe Crypto Wallet, Messenger And Access The Latest DApps On The Web

Status is a complete Open Source project - a powerful communication tool that combines various equipment to bring about a secure messenger, crypto wallet and Web3 browser for crypto enthusiasts to explore the latest DApps in the Blockchain world.

Status is currently ranked 17th on the State Of The DApps

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Source

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The revolution of this next-generation technology, Blockchain has created a new wave – the use of cryptocurrency tokens to manage transactions in place of fiat across the global financial industries. Right now, these cryptocurrency tokens have formed an acceptable payment method in established firms worldwide. That is not all. Most of these digital currencies have designated applications around which ecosystems and communities are built. This is made possible with the powerful technological tools that work hand-in-hand with Blockchain technology. In the end, this era-defining advancement has seen the emergence of various highly functional decentralized applications on the internet. One of these DApps is Status and here is my critic review of this outstanding application.

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Introducing Status

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Status is a multipurpose decentralized application that utilizes the functionality of Blockchain technology to combine and power a peer-to-peer messenger, a cryptocurrency wallet and a Web3 browser. Status brings multiple functionalities often longed for by cryptocurrency and Blockchain enthusiasts in its multipurpose platform. With Status, crypto traders, activists, project managers and enthusiasts, in general, can network, track their digital assets portfolios and access various decentralized applications across the industry.

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Various Components of Status

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Below are the leading components of this decentralized application.

• Peer-to-Peer serverless messaging

Despite the continued growth of social networks, users are often concerned with the security of their chats over the networks. On some of these social networks, we feel unsafe as we are literally under surveillance. Only a few of them use serverless messaging which is exactly what we need. Status leverages on the features of Blockchain technology - well known for its peer-to-peer serverless mode of network to deliver a secure in-app messenger. This messenger does not store users’ messages. Instead, messages are broadcasted to the entire network (of various computers) and delivered only to the intended recipients. The technology responsible for this is the Whisper protocol. This brings about the highest degree of security and ensures total privacy of users’ chats over the network.

• ERC20 and ERC72 compatible wallet

One of the leading features of Status is a highly-secure cryptocurrency wallet that supports Ethereum network protocol tokens; ERC20 and ERC271 and Status Network Token (SNT). This wallet allows users to send, receive and store their cryptocurrency tokens in a safe environment. From what I have learned over my time of using this DApp, users’ private keys are kept from being exposed. Only the owner can control and confirm a transaction. This ensures secure financial transactions over the network.

• Accessing various DApps

There are various projects in the Blockchain and cryptocurrency space, each with its distinct uses-cases. Over the years, various centralized firms have embraced the idea of decentralization and built reputable projects on Blockchain technology. These firms have their own decentralized applications through which users access their services. Finance, health, entertainment, education, name it... There are numerous projects to explore on the Blockchain! Status has an in-app browser, Web3 that makes these decentralized applications accessible to users right on the platform. Through this browser, you can explore the latest projects in the Blockchain space.

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Getting Started With Status

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The Status app is available for both desktop and handheld devices. It supports Windows, iOS, Linux and Android operating systems. I will focus on the one for Android OS since that is the one I am using currently.

• Click here to get started. You should see the page showing below.

• To get the Status app for Android device, click on Android App as shown above or simply click on this link.

• Click on Install and wait for the app to be downloaded and installed on your device.

• Launch the app after installation and you should have the welcome screen as shown below. As a new user, you are required to create a new account. Registered users, of course only need to sign in. Let us create an account now.

• Firstly, you need to set your password. You are required to use at least 6 characters. Click next to continue.

• The next screen will ask you to confirm your password. Do the needful and click on Next.

• Now you need to create a display name for your account. Click on Next when you are through to continue.

• You should now see the following welcome message.

• Click on Get started to continue setting up your account.

Voom! Welcome to Status. Below is the screenshot of the homepage. There are four icons at the bottom of the page namely Chats, DApps, Wallet and Profile. They are all self-explanatory and reading the previous section of this review should have shed light on them.

We are currently on the Chats page. As you can see below, there are no recent chats yet. You can invite your friends to use this app. When you click on the + button, the list of the things that you can do on the Chat screen shows up as shown below.

Exploring the latest DApps on the internet

Now, we want to explore the latest DApps in the Blockchain space. Click on the DApps icon and the following screen should appear.

You can browse various DApps here by simply typing their URL in the address bar. We will go ahead and click on Discover DApps. Here we can see the various categories for DApps.

We will go ahead and click on Exchanges to explore the latest DApps available in the Exchanges category.

Setting up your Status Wallet

• Now let us go to the Wallet screen. Clicking on the icon should bring the following screen.

• We will go ahead and click on Let’s Get Set Up. Here a phrase of three words is displayed to us. This is a tool for super-fast transactions. Take note of them or better still write them down somewhere. That shouldn’t hurt. Click on Got it to continue.

Now your wallet is all set up! You should see the following page.

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Sending Tokens Through Your wallet

• To transfer tokens to your friends or other wallets, click on Send and you should have the following screen displayed.

• Specify the recipient by scanning QR code, selecting from your Contacts or entering the recipient’s wallet address.

• Select the asset you are transferring. Currently, you can only send, receive and store ERC20, ERC271 or Status Network Token (SNT).

• Specify the token amount and proceed with the transfer by clicking the Sign transaction button.

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Receiving tokens on your wallet

• To receive tokens from others, click on Receive to scan your wallet code or copy the wallet address and share.

The Transaction history is self-explanatory.

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What I like about Status (Pros)

Here are a few of the things I like about this outstanding project.

• Highly-secure messenger and wallet

Status is equipped with technological tools that protect its users against malicious activities. This ensures safe transactions, secure wallet/browsing and a peer-to-peer serverless messaging. Messages are not censored and senders can choose to be anonymous as they interact with their recipients.

• Fast and simple

As you have seen when we went through the app, Status is pretty simple and easy to use. Despite combining multiple functionalities, it is a very fast app. This came as a surprise to me because I was expecting slow-loading of pages. Status does not consume much of your device processor and main memory spaces.

• Explore the latest DApps in the industry

The Web3 browser on Status gives you access to the latest decentralized applications in various categories. You can explore these DApps and this will help me in being among their early adopters and leverage on their functionalities.

• Transparency

One of the benefits that come with Blockchain technology is transparency. This attribute allows projects to be totally open and creates fairness when dealing with users.

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What I Need Status To Improve On

• The wallet needs to support more protocol tokens

Status is still in its infancy - Beta testing. Obviously, more features are going to be added soon. I will like to see the wallet supports more cryptocurrencies. There are thousands of cryptocurrency tokens out there. Giving room for the storing, sending and receiving of other tokens that are not on Ethereum network will aid mass adoption of this DApp.

• No tangible use-case for Status Network Token (SNT)

I still do not get the distinct use-case of Status Network Token (SNT). In my few years of dealing in cryptocurrencies, I have learned that tokens with no tangible use-cases end up failing. When this happens, the adopters of such projects take the lion share of the loss. The team needs to put more resources on SNT to ensure that this token survives in this highly-volatile market of cryptocurrency. After all, it is supposed to be the fuel that powers this amazing project.

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Rating

I may have to change my rating when this app is out of beta testing. I like its distinct features and functionalities. I hope the team works on my critics - give room for a bigger wallet and design better use-cases for SNT. Then nothing will stop me from giving it the full 5 stars. Right now, I would rate this app 4/5.

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Github Repository

https://github.com/status-im

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Links and References

• Status website
• About Status
• Status public chat
• Status on Facebook
• Status on Twitter

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DISCLAIMER

This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.